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The medical and diagnostic laboratory services market is forecasted to achieve significant growth in the coming few years with a forecast CAGR (compound annual growth rate) of 7%, as per The Business Research Company’s market report!

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The Medical And Diagnostic Laboratory Services Market Size In 2022 And Forecast

The global medical and diagnostic laboratory services market is expected to grow from $152.68 billion in 2021 to $169.33 billion in 2022 at a compound annual growth rate (CAGR) of 10.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The medical and diagnostic laboratory services market is expected to grow to $221.99 billion in 2026 at a CAGR of 7.0%.

The medical and diagnostic laboratory services market consists of sales of medical and diagnostic laboratory services and related goods by entities (organizations, sole traders, and partnerships) that provide diagnostics tests for various diseases.

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The Increase In The Prevalence Of Lifestyle Diseases Is Driving The Growth Of The Medical And Diagnostic Laboratory Services Market

According to the World Health Organization, chronic disease prevalence rose by 57% globally, in 2020. Tests to diagnose these diseases include HbA1c tests for monitoring diabetes, biopsies, tumor marker tests, bone scans, MRI and CT scans for diagnosis of various cancers, electrocardiograms, chest X-rays, cardiac CT scans, and stress tests for detection of cardiovascular diseases. The increase in the prevalence of lifestyle diseases will increase the demand for tests to diagnose these diseases and thus will drive the medical and diagnostic laboratory services market during the forecast period.

Competitive Landscape And The Regional Analysis Of The Medical And Diagnostic Laboratory Services Market

Major players in the medical and diagnostic laboratory services market are Laboratory Corporation of America, Eurofins, Quest Diagnostics Incorporated, Sonic Healthcare Limited, Kaiser Permanente, RadNet, OPKO Health, Myriad Genetics, Charles River Laboratories, Inc., and NeoGenomics Laboratories, Inc.

Additionally, as per TBRC’s research – North America was the largest region and Asia-Pacific is expected as the second largest region in the medical and diagnostic laboratory services market in 2021 holding the largest market share.

The Medical And Diagnostic Laboratory Services Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the medical and diagnostic laboratory services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the medical and diagnostic laboratory services market.

Using Biomarkers – A Key Trend In The Medical And Diagnostic Laboratory Services Market

Medical and diagnostic laboratories are using biomarkers to measure health parameters associated with individual wellness. The health and well-being of individuals can be measured by using biomarkers to assess factors behind sleep disorders and symptoms of stress. Biomarkers such as cortisol, testosterone, and secretory IgA can indicate changes in the immune system relating to physical and mental conditions. This can be used by physicians to know the causative factors behind such conditions. This is a premium service primarily targeted at wealthy individuals and senior employees of corporations.

Medical And Diagnostic Laboratory Services Market Segmentation By The Business Research Company

1) By Type: Diagnostic Imaging Centers, Medical Laboratory Services

2) By Application: Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, Others

3) By End User Gender: Male, Female

4) By Type of Expenditure: Public, Private

Subsegments Covered: Computer Tomography (CT-Scan) Centers, Medical Radiological Laboratories, Dental or Medical X-Ray Laboratories, Ultrasound Imaging Centers, Magnetic Resonance Imaging (MRI) Centers

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